The U.S. Department of Commerce’s Minority Business Development Agency (MBDA) has awarded the National Association of Investment Companies (NAIC) a $1.4M grant to support a project that will facilitate the aggregation and deployment of about $1B in growth capital into minority-owned businesses.
- There are 11M minority- and women-owned business enterprises (MWBEs) in the U.S.
- Access to capital remains the most important factor limiting the ability of these companies to scale.
- NAIC will use this funding to launch the Minority Growth Equity Funds Initiative.
- The initiative aims to increase the amount of capital available for MWBEs poised for growth.